5th Capital Markets Day 21 September 2007, Bratislava

5th Capital Markets Day, Bratislava Regina Ovesny-Straka, CEO, Slovenská sporiteľňa

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Presentation topics Slovakia uncovered Putting Slovakia on the map Basic facts Did you know? Impressive economic catch-up process Building blocks for success Operating environment review Continued economic outperformance Hands-off economic policy approach Strong banking market Business performance review Key financial statistics Operating performance analysis Growth drivers Competitive position Financial and business outlook All financial and market data are shown in EUR. Local currency data have been translated at the respective historic rates. Growth rates and ratios are based on local currency data. All macro data based on Erste Group Research. 2

Slovakia uncovered Putting Slovakia on the map Map 1 Slovakia as part of Austrian-Hungarian Empire Map 2 Slovakia as part of Czechoslovakia Map 3 Slovakia Map 4 Slovakia as part of the European Union 3

Slovakia uncovered Basic facts Population 5.4m inhabitants 85% Slovaks, 1 Hungarians, 5% rest (mainly Roma) Capital Bratislava (pop. 0.5m) GDP per capita EUR 8,100, 61% of EU25 average (PPS) Price level 58% of EU25 average Foreign currency rating A (S&P, Fitch), A1 (Moody's) Cumulative FDI stock 29% of GDP Top 10 companies by revenue Volkswagen Slovnaft (MOL) US Steel SPP Bratislava (EON, Ruhrgas, GDF) Samsung Electronics Slov. Elektrárne (Enel) KIA PSA Peugeot Orange Sony 4

Slovakia uncovered Did you know? World #1 in car per capita production More than 292 000 cars in 2006 Forecast for 2010 is 780 000 cars per year (ie 14 cars per 100 inhabitants) Major car manufacturers: Volkswagen (Bratislava, 1991) PSA Peugeot Citroën (Trnava, 2006) Kia Motors (Žilina, 2006) Car production in Slovakia 600 500 in thousand 400 300 200 100 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Distance of Bratislava from Vienna is only 60km Slovakian capital is located at the Austrian border Bratislava Airport has potential to be competitor (or partner?) to Vienna Schwechat Airport 5

Slovakia uncovered Impressive catch-up process under way Slovakia started behind its neighbours... After the split of Czechoslovakia, Slovakia started new era as poorer neighbour of the Czech Republic As earlier governments had bad relations with the West, Slovakia was left out of first wave of NATO enlargement and EU talks stalled Economic reforms were delayed Slovakia became EU frontrunner in terms of economic growth Slovakia fortunes rose following 1998 election Government undertook reforms that attracted foreign capital, especially into the car industry Slovakia is now one of the fastest growing EU economies, outperforming all regional peers for the third year running It is set to become the fourth country behind Slovenia, Malta and Cyprus among the new EU entrants to adopt the euro in 2009 5 4 3 2 1 1 8% 6% 4% 2% GDP/capita in CEE-4 vs EU15 1995 1999 2003 2007e Czech Republic Hungary Poland Slovakia Real GDP growth in CEE-4 2005 2006 2007e 2008e Czech Republic Hungary Poland Slovakia 6

Slovakia uncovered Building blocks for success Favourable business environment World Bank s Doing Business 2007 report ranks Slovakia as top country in CE-4 19% flat tax (corporate and personal income tax, VAT, no dividend tax) Proximity to major markets Labour costs are much more competitive than in old EU countries Tough reforms already done Most of the economy is now privately owned Majority of prices are liberalised Government also slashed fiscal deficit Ageing population was addressed by pension reform Further trade barriers should disappear Starting January 2008, Slovakia becomes part of the Schengen area - border controls with EU neighbours to be abolished Slovakia looks set to adopt euro in 2009, ahead of its neighbours 6 5 4 3 2 1 Tax rates in Central Europe (2008) Austria Germany Czech Rep Slovakia Romania Marginal income tax Marginal corporate tax 7

Operating environment Continued economic outperformance Economy expected to top last year s record real GDP growth of 8.3% in 2007 Growth driven both by foreign and domestic demand Economic boom is driven by increased export while household consumption and investments also contribute significantly Economy rose by more than 8% in 2006, further acceleration in 2007 in EUR thousand 12 10 8 6 4 2 0 Key economic indicators 8.9% 8.3% 7.1% 11.3 6. 10.0 5.4% 8.1 7.1 6.3 2004 2005 2006 2007e 2008e GDP per capita Real GDP growth 1 8% 6% 4% 2% No signs of the economy overheating Despite strong economic growth, inflation has slowed recently, to an annual rate of less than 1.5% Anti-inflationary process was supported by koruna appreciation and lower energy prices The fiscal deficit should come in at below 3% of GDP in 2007 2 16% 12% 8% 4% Unemployment vs inflation vs wage growth 18.1% 16.2% 10.2% 9.2% 13.3% 11.8% 11.2% 8. 7. 7.1% 7.5% 2.7% 4.5% 2.6% 3.2% 2004 2005 2006 2007e 2008e Unemployment (%) CPI (average) Nominal wage growth Source for charts: Eurostat, Slovenská sporitelna 9

Operating environment Hands-off economic policy approach Reforms do not continue, but are not reversed either Parliamentary elections in 2006 brought new coalition and halt to further economic reforms....but so far, the new government has refrained from major reform reversals Imminent euro entry limits spending The new government adopted the objective of 2009 Euro zone entry This requires meeting fiscal Maastricht criteria and prevents excessive government spending Currently all criteria (budget deficit, public debt, interest rates and inflation) are likely to be met in H1 08; euro adoption probability repeatedly above 75% according to key analysts as of GDP as of GDP 6% 4% 2% -2% -4% 7 6 5 4 3 2 1 Interest rates vs government balance 4.7% 2.9% 4.3% 4.3% 4.3% -2.4% -2.8% -3.4% -2.9% -2.9% 2004 2005 2006 2007e 2008e General govt balance ST interest rate (3m, average) Public and foreign indebtedness 49.5% 51.5% 42.7% 41.6% 59.9% 57.4% 55.7% 34.5% 30.7% 29.3% 2003 2004 2005 2006 2007e Public debt Foreign debt Source for charts: Eurostat, Slovenská sporitelna 10

Operating environment Banking market shows no signs of slowing Economic growth supports banking market development Household consumption and corporate investments expand fast Market interest rates remain low, making lending business attractive Bank assets continue to rise Due to strong retail loan demand and despite fast growing GDP, asset-to-gdp ratio could top 9 by year-end Housing and consumer loans continue to be major growth drivers, deposits (together with funds and insurance) to follow Growing financial intermediation and usage of banking services also helps Indebtedness still low Despite strong growth of retail loans, retail loan penetration at 14% of GDP remains far below EU average In terms of per capita indebtedness the picture is even starker, with Slovakia and Lithuania hovering at the tail end of statistics in EUR billion in EUR thousand 60 50 40 30 20 10 0 5 4 3 2 1 0 Banking market summary 96% 81% 86% 86% 86% 47 37 41 30 24 2003 2004 2005 2006 Jun 07 Total assets Total assets/gdp Per capita indebtedness 2003 2004 2005 2006 Jun 07 Total loans Household loans Housing loans 10 8 6 4 2 Source for charts: Eurostat, Slovenská sporitelna 11

Business performance review Key financial statistics Cost/income ratio Return on equity 6 5 56.6% 56.8% 57.5% 54.4% 25% 2 19.7% 20. 18.9% 21.7% 4 3 2 15% 1 1 5% 1-6 04 1-6 05 1-6 06 1-6 07 1-6 04 1-6 05 1-6 06 1-6 07 Loan/deposit ratio Net interest margin 7 6 5 4 35.8% 54.6% 61.7% 66.2% 5% 4% 3% 4.25% 3.16% 3.31% 3.93% 3 2 1 2% 1% Dec 04 Dec 05 Dec 06 Jun 07 1-6 04 1-6 05 1-6 06 1-6 07 13

Operating performance analysis Net interest income is key income driver Excellent operating income structure Net interest income is above 7 of total income, supported by higher net interest margin and strong demand for loans Share of net trading result at 5% of total income is a key competitive advantage after euro adoption, as relatively small portion of income is endangered by loss of FX trading Operating expenses impacted by eurorelated IT investments Continuous optimisation of the number and structure of employees and branches Growth of operating expenses driven by key business development investments: Euro transformation Implementation of new core banking system Head office (fit-out, moving from 8 locations to one new building) All in all, 2008 and 2009 will result in higher operating expenses (some impact already in 2007) 10 8 6 4 2 10 8 6 4 2 Structure of operating income (4y-view) 1-6 04 1-6 05 1-6 06 1-6 07 Net interest income Net fee and commission income Net trading result Income from insurance business Structure of operating expenses (4y-view) 1-6 04 1-6 05 1-6 06 1-6 07 Personnel expenses Other administrative expenses Depreciation and amortisation c 14

Operating performance analysis Broad deposit base = cheap source of funding Steady growth of retail deposits Term and current account deposits command a higher than 2/3 share of household deposits Rising demand for mutual funds following years of low returns and thanks to lower deposit interest rates Notable increase in transfers between term deposits and mutual funds over past year Corporate deposits again on the rise Corporate deposits recorded strong growth of 27% yoy as a result of higher profits and favourable business environment Growth slowdown to single-digit pace is realistic scenario Successful product innovation Money-market and real estate funds are in highest demand of all types of mutual funds Structured products are also a major hit Added to the portfolio as a result of a group initiative, SLSP became a market leader and owns more than 3 of the market in EUR billion 8.0 6.0 4.0 2.0 0.0 Loan vs deposit structure by currency Retail deposit structure by deposit type 55.5% 4.2 Customer loans 11.4% 6.7 Customer deposits 33.1% FX LCY Current account Term deposits Other deposits 15

Growth drivers Slovenská sporiteľňa benefits from loan growth Loans enjoy another year of growth Market still driven by pent-up credit demand Balance sheet share of customer loans grew from 4 a year ago to 47% in June 07, despite solid total asset growth Non-performing loans are under control (1.9% share end of June 2007, total coverage up to 93.9%) Retail loans are the driving force Housing purposes (mainly mortgages) command a 6 share of retail loans Highest growth in housing loans 4 annual rate Consumer loans also rising fast at about 2 yoy, but still lag housing loans Corporate loan growth has picked up Benefiting from strong economic growth FX corporate loans make up almost 1/2 of total corporate book and are mostly eurodenominated in EUR billion Customer loan development 5 53% 6 4.2 3.8 4 3.6 5 2.8 3.0 37% 32% 31% 4 3 29% 1.8 2.0 2.1 3 2 1.3 1.5 2 1 1 0 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Customer loans Retail loans Customer loan growth (yoy) Loan book structure by client segment 2.9% 49.3% 47.8% Retail loans Corporate loans Other loans 16

Competitive position Leadership position maintained No. 1 in retail loans Growth in line with market on the retail side High demand for housing loans is the key driver (growing more than 3 annually) SLSP leads the consumer loan market with a 44% market share Fast progress in corporate loans 33% yoy growth in corporate loans However market share still only on 16% Participation in real estate financing benefiting from strong market conditions Dominant in retail deposits With more than 31% market share, SLSP is the long-term leader in retail deposits Despite market share increases, rising net interest margin 3 25% 2 15% 1 5% 35% 3 25% 2 15% 1 5% Market share development - asset side 19.3% 26.1% 14. 20.5% 26. 14.6% 20.6% 26. 15.1% 18.2% 26.2% 14.9% 18.5% 25.9% 16.1% Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Total assets Retail loans Corporate loans Market share development - liability side 22. 31.8% 11.1% 22.4% 31.7% 10.9% 22.7% 31.5% 11.5% 22.3% 31.2% 13.2% 22.2% 31.5% 12.9% Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Total deposits Retail deposits Corporate deposits 17

Financial and business outlook Investing into the future Banking market to grow even faster We aim to improve our market shares in all major segments, including retail loans, retail deposits, corporate loans and corporate deposits Residential real estate and housing loans will be the key growth driver Euro adoption means additional costs and reduced revenues Euro will impact net trading result in H2 08 and 2009 Total expenditure of euro adoption and new system implementation estimated at about EUR 100m (24% euro adoption, rest is new system), of which about 75% capex Investments bring higher expenditures, but are necessary for future growth We invest part of the profit in the following two years Benefits of these investments will fully appear in 2010 Staff reduction has come to an end, new business and projects require additional staff Operating and capital expenditures expected to peak in 2008 and 2009 19

Financial and business outlook 2007 targets maintained After net profit growth of 8% in 2006, growth is expected accelerate to above 15% in 2007 Return on equity, which at 20.3% in 2006 ranked SLSP among top of large banks, should surpass last year s level 2007 target* Net profit growth > 15% Return on equity > 2 Cost/income ratio < 54% *) Please note: all targets relate to local, consolidated results. Cost/income ratio is expected below 54% after 54.1% in 2006 20